Half acre Richmond site has $8 million expectations

Half acre Richmond site has $8 million expectations
Half acre Richmond site has $8 million expectations

A half acre commercial development site on the fringe of Melbourne's CBD is on the market through expressions of interest with expectations higher than $8 million

The 2040 square metre Commercially-zoned site, located at 150-152 Bridge Road and 1 Allowah Terrace, has access from three streets.

He said one of Melbourne’s most active and innovative architectural firms, Elenberg Fraser, had prepared a development scheme for the property comprising 97 one, two and three bedroom units for the site. 

James Moss, from marketers MPC, said the property would be sold subject to five separate tenancies at a current income of $191,000 per annum. He said fully let the property had the potential to return closer to $241,000 per annum. 

"Elenberg Fraser has prepared a development scheme for the property comprising 97 one, two and three bedroom units for the site," Mr Moss said.

Teska Carson's Matthew Feld said the site would be perfect for an apartment developer or hotel development.

The property is being offered for sale by Expressions of Interest closing Thursday, September 3.

Michael Crawford

Michael Crawford

Michael is the real estate reporter for western Sydney and loves writing about homes and the people who live in them. A former production editor and news journalist, he enjoys writing about real-world property purchases as well as aspirational buys and builds. Following a recent move from Sydney’s northern beaches, Michael now actually enjoys commuting.

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CBD Development Site

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